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We all do it and there is nothing wrong with it, but when you cut something where the lowest priced item is 800k down to 345k..... wtf is wrong with you? Yeah, the prices are weird and change daily. Yes, some things are overpriced and if you know what to look for and how to work the AH you can make money off of other people's laziness/ignorance. But that is just the way it is. It doesn't make sense to that ppl will find a gold making method on a forum such as this one and immediately flood the AH and totally fuck it up for everyone by undercuttting so bad that even they only make minimal profit. It just blows my mind.
I do it because I want to get rid of it in 5 minutes so I can put something else from my full stash box up for sale. Also, it makes someones day. I'm not greedy
exactly, and not to mention that if something sells in 5 minutes it doesn't have time to "break" the pricing of other items. of course, if there is an item for 800k and another similar for 345k and both have been up for a day or more then perhaps the 800k item isn't quite worth what you thought it was.
It's not undercutting, it's market correction. I usually make a judgement call based on how long the cheapest item has been in the AH, if it's more than 2-3hrs, I usually halve to 3/4 that price and post it. Obviously no one is buying it out for those sort of crazy prices. Even then, sometimes it still won't sell. If you look at the bids for similar items, they usually go for half to one tenth (yes that's right 1/10th of the price) for buy it now. I got my sword for 1 mill when identical items were (at the cheapest) buy it now for 10mill (some were 30-40m, crazy).
By listing it at the same price as the cheapest one, it would be a random choice of the buyer as to whose gets sold. If the first item has been sitting the AH for 12+ hours, chances are neither are going to sell.
The market will stabilise eventually as people realise how much items are really worth. Until then, by not budging on your prices, all you're achiving is not selling your items and making other people laugh. Bids are probably the best way to gauge the price of an item.
As stated above, I see how long similar items have been up for auction. The more they have been unsold for, the more I'll undercut. I also undercut more in cheaper items. There is no point for me to put up a 200k item that doesn't possibly sell when I can put it for 100-120k and use that AH spot for something better. On the other hand I won't undercut a 100M item by more than 5-10M. Commodities I don't undercut, but list at the "last 10 trades" price and relist if it doesn't sell within an hour.
I also list my items higher than the cheapest one quite often, when I judge that mine is worth more than the cheapest based on good secondary stats.